Fintech firm a tech first for SME investor
Bath-based fintech company Dancerace has received an undisclosed investment from London’s Newable Capital.
It is Newable Capital’s first “technology focused” investment, according to the firm, and its fourth UK investment since November 2019.
Dancerace was founded in 1992 and offers finance software, along with training, consultancy and support services. It will continue to operate as an independent business, with its own board.
The business, which is focused on the mid-sized independent receivables sector, serves a third of the total receivables market in the UK and Australasia, and a proportion of the European and African market.
Newable Capital forms a part of Newable – a provider of space, money and advice to SMES, which was established in 1982.
There will be no changes to the Dancerace senior management team, according to Newable Capital.
Elliot Avison will remain as chief executive and Malcolm Spenceherbert as head of development. The duo will both become shareholders in the company.
Stewart Holness will also join the board as non-executive chairman.
Mr Avison said: “Since opening our doors in 1992, Dancerace has focused on staying one step ahead and shaping the future of working capital technology.
“We’re excited to work with Newable to write our next chapter as a company, and are happy to have found another team that shares our love of bold thinking and supporting other businesses to grow.”
Newable Capital is investing alongside the current management team and supporting the acceleration in the recruitment of product delivery and customer support staff, it said.
Peter Barrand, managing director at Newable Capital, said he was “impressed” by Mr Avison and his team.
“[I] can see significant future potential in the acceleration and delivery of the current product roadmap and business strategy.
“Dancerace’s target market of mid-size independent financiers and the customers they serve, aligns with Newable’s focus on helping UK SMES thrive. We look forward to working with Dancerace and supporting them through their next phase of growth.”
Dancerace has focused on staying one step ahead and shaping the future of working capital technology Elliot Avison